The Money Mustache Community
General Discussion => Share Your Badassity => Topic started by: iamsoners on July 11, 2013, 12:42:40 AM
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Today I was at my Credit Union and noticed they've started a promotion paying 4% on savings accounts (up to $1500). I inquired and we're already meeting the eligibility requirements so we moved the cash over to that account.
And with that, I have my first guaranteed, interest bearing account bearing more than my mortgage (3.625).
Let the great interest rate run up begin!
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The consumer in me says good work on getting a great deal!
The banker in me hopes it doesn't last for long though. Lending money at a rate lower than you pay for it it is a sure fire way for a bank/credit union to go bust. At least it is capped, otherwise your credit union would be in a spot of trouble :)
4% is almost an Aussie savings interest rate. Economy must be getting better over where you are.
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Awesome! Aaaaannnd ... what's the Credit Union? ;)
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My gut says jump on that rate. My brain says wait a second... maybe I'd rather go with a lower rate from a bank w/ FDIC backing.
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My gut says jump on that rate. My brain says wait a second... maybe I'd rather go with a lower rate from a bank w/ FDIC backing.
Credit Unions are NCUA insured by the government. Coverage is pretty close to the same as FDIC. $250,000 per account or $500k for joint accounts. So pretty equivalent to FDIC.
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Neat. The things you don't have to know when you don't have any money. ;-)
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Awesome! Aaaaannnd ... what's the Credit Union? ;)
Community America Credit Union--info here: https://www.cacu.com/high-interest-savings
You have to be a KC resident or work for one of a big list of companies to meet the membership requirements: https://www.cacu.com/who-can-join-communityamerica
If you decide to join, PM me and I can give you a referral link for an extra $25 joining bonus.